Missed Call to be used for Credit Card 2nd Factor Authentication in Online / Mobile Transaction

MissedCall Authentication in India for Online ShoppingAfter looking into Massive Credit Card Frauds in Online Transactions happening Abroad for Cards Issued in India, CardBhai – Credit Advisory floated the idea of 2nd Factor of Authentication for Card Not Present Transactions such as Online Shopping. Earlier in March, the RBI mandated Credit Card Issuing companies to upgrade their systems for Additional Authentication for Online Transactions. HDFC Bank went a step ahead and gave consumers a choice of One Time Password sent to their Mobile which could used to complete the Online Transaction.

Now for the second factor of authentication banks have come up

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RBI to Penalize Banks for Unsolicited Cards & Actions – Empowers Customers

RBI Penalties for Unsolicited CardsAfter Years of Pleading with the Banking Regulator, RBI has finally obliged to our requests made over the last several years to Penalize the Banks for Unsolicited Actions.

Indian banks in greed for Profits resorted to unethical business practices of issuing Unsolicited Credit Cards. RBI in its MasterCircular dated 01-Jul-2013 with reference no- RBI/2013-14/60 DBOD.No.FSD.BC.4 / 24.01.011/ 2013-14 has clearly stated that

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